Quick question. What do you do and is it what you’re known for? And if you are known, what’s your reputation?
Is it as a generalist, specialist, expert, authority or someone in an elite category?
The answer to that will determine how much money you make, how much time you spend doing it and what your lifestyle and even legacy will be.
Let me explain.
No matter what your profession, being a generalist risks you being perceived as a commodity. And commodity suppliers face stiff competition and mostly compete on price. Profit margins are low and it’s a constant battle for survival.
At the other end of the scale is being elite. Recognised as being at the top of your profession. The go to person in your narrow field of expertise where you command premium prices often at orders of magnitude higher than your industry norms.
Obvious examples are doctors who are general practitioners versus highly specialised, elite surgeons who only operate in one minute area. For example there’s a surgeon who only operates on thumbs!
Translating this into your area of expertise, where do you sit?
And unless you’re already near the top, where do you aspire to move to?